Institute of International Finance To Open DIFC Office

by Lorys Charalambous, Lowtax.net, Cyprus
14 March, 2014

The Institute of International Finance (IIF), a global association of financial institutions based in the United States, announced on March 12, 2014, that it will soon open an office in the Dubai International Financial Center.

Timothy Adams, President and CEO of the IIF, said that the regional office will be based in the Dubai International Financial Center (DIFC) financial tax-free zone, and will be the company's first office in the Middle East and North Africa region.

"The Middle East and Africa will play a larger role in the global financial system moving forward, and the IIF is committed to serving our growing member base," he said. "Recognizing the region's increasing influence, we will be opening an office here in Dubai to bolster engagement with our members and the official sector."

Wolfgang Engel will become the IIF's chief representative for the office. Engel currently serves as Director of Global Membership for the IIF in Washington.

DIFC guarantees exemption from corporate income tax for 50 years, and allows 100 percent foreign ownership, among other perks.

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